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Forex Today: Aussie Falls as RBA Raises Bar to Tightening

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The Reserve Bank of Australia raises its interest rate by 0.25%, but makes future hikes more unlikely, sending the Aussie tumbling.

  

 

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  1. As expected, the Reserve Bank of Australia raised its interest rate a few hours ago from 4.10% to a 12-year high of 4.35%, but also raised its qualification for any further hikes within the current tightening cycle, which was a dovish tilt. This caused a decline in the Aussie, with the AUD currently the weakest currency today in the Forex market, while the US Dollar is the strongest, putting the AUD/USD currency pair in focus.
  2. The USD/JPY currency pair is trading back above the big round number at ¥150, showing renewed bullish impetus due to the fresh strength in the US Dollar today. This currency pair remains within a valid long-term bullish trend, so will be attractive to trend traders.
  3. Stock markets are mostly lower today, especially in Asia, where both the HSI and the Nikkei 225 are down by more than 1%.
  4. Cocoa and Sugar futures reached new multi-year highs yesterday, as soft commodities mostly perform well. These foods will be of interest to trend traders on the long side.
  5. There will be a release later of New Zealand Inflation Expectations data.
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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